KPower Berhad third-quarter financial report was released with the group posting a cumulative revenue of approximately RM152.66 million and a Profit Before Tax of RM19.42 million. This was significantly lower compared to 2021 when the group posted revenue of RM284.7 million and PBT of RM42 million.
The group said its construction-related activities segment, recorded RM137.35 million of revenue, or approximately 90% of the Group’s total cumulative revenue, in the period under review.
“The normalisation of economic activities and the easing of containment measures by the Government have spurred the country’s economic growth. Against this favourable background, KPower has put in place a rebranding initiative to highlight our transformation into a renewable energy player while at the same time to revitalise our business to ensure stability and sustainability,” said Mustakim Mat Nun, Executive Chairman.
“We foresee more initiatives to support our rebranding initiative which will ultimately spur our growth. We’re off to a good start in our goal to diversify our income to include recurring income with our recent successful bid to develop small hydro power plants with a total installed capacity of 40.4MW under the Sustainable Energy Development Authority’s e-bidding mechanism. We had also embarked on a proposed acquisition of One River Power Sdn. Bhd., the concession owner of three mini hydro power plants in Sabah with a total generation capacity of 29.1MW, in more efforts to diversify our assets portfolio.”
The combination of the above and the 50MW large-scale solar photovoltaic win the Group secured in August 2021, KPower’s assets ownership under the renewable energy spectrum will generate approximately 120MW, thus strengthening its concession-based recurring income for the longer term.
Encik Mustakim added, “With the easing of travel restrictions, we have since increased our efforts to secure opportunities abroad. We are confident that this will translate into the Group’s revenue and profitability in the near future.”
